The Hospitality Business Toolkit

The Hospitality Business
Toolkit
1

Table of Contents
Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Investigate how to manage finance and record transactions to minimise costs responsibly
within the hospitality sector........................................................................................................3
TASK 2............................................................................................................................................8
Assess how to manage the Human Resources life cycle within the context of HR strategy......8
TASK 3..........................................................................................................................................10
Illustrate the potential impact of the legal and ethical considerations on a hospitality business
...................................................................................................................................................10
TASK 4..........................................................................................................................................13
Explain the importance of coordinating and integrating various functions of departments
within the hospitality sector......................................................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
2

INTRODUCTION
Hospitality industry includes the industry of lodging, foodstuff and beverages,
entertainment, travel and tourism, art in addition to culture etc. Hospitality states the services that
provide extra care to the customers with that also evaluate the need and demand of clients.
Hospitality is all about to provide the warm welcome to the customers and with that try to
convince them that they are very special for the company (Bagdasaryan, 2019). The following
report is concerned about the services of Seabourn that is the cruise line and provides the ultra-
luxury to the customers. That is founded in 1986, by Atle Brynestad, Waren S. Titus and having
headquartered in situated in Seattle, Washington. Seabourn operates there business across all
over the world. This report includes the principles of managing and monitoring financial
performance with that apply double book-keeping that shows the sale and purchase transaction in
ledger. Also review different stages of HR life cycle also develop the management plan to
resolve the issue of staff retention. After that implies the specific legislation that company and
adhere the transaction of hospitality business. At last includes the interrelationship between
different functional roles within the business.
TASK 1
Investigate how to manage finance and record transactions to minimise costs responsibly within
the hospitality sector
Business dealings are being measured by the company to analyse property, liability,
payment and source of income, resources that shows the firmness and performance of the
company within the market. Seabourn manages and monitors the financial transaction to
minimise the cost responsibility by analysing the business transactions (Financial performance,
2019). There are some different types of business transactions that are as defined below as:
Sales: It is the earning that company gets after given that all the services to the regulars
and that is remunerated on the equal time. Whereas, credit sales are paid after a period of time.
Purchases: It can be done by cash or credit by the companies, whereas Seabourn use
praise sales to acquire their raw equipment and pay back after a certain epoch of instance.
Receipts: It is a document that provides proof that service has been received or provided
by the Seaborne.
3

Payments: It has been done by Seabourn in terms of proving wages and salaries to their
staff and employees.
Seabourn must follow the sales transaction to manage and considered the effective flow
of funds with more appropriateness.
The Financial presentation show the net incoming and outgoing of money within the
selling that includes transactions with creditors, debtors, employees, customers (Collins, 2019).
There are some different methods to measures the financial routine that is as defined below:
Key performance indicators: It is a gauge to measures the recital of each entity bustle
that is performed within the selling. The hospitality service provider must get manage the
different working performance of employee and set the standardised outcome and that would be
accomplished in timely basis thus more profit will get generated.
Cost-to-profit ratios: It is a proportion that describes the amount that invested by
company at some cost on particular service and in returns how much profit is gain by the troupe.
In hospitality service it will used to measure the better return on the investments by which more
adequacy will get maintained.
Return on investments: It shows the quantity that is invested by the business to provide
the best services to the clients and the return that company gets on behalf of those services. In
hospitality service it is more important to get the better return on investment as it describe the
profit generation of business.
Thus with that Seabourn measures and manages the different principles of financial
performance.
It is an arrangement that maintains the record of praise and withdrawal sales of the
company. Whereas, Seabourn uses this to keep the record of revenue and hammering statements
of an exacting year that is shown under as:
4